Following the fire that continues to sweep through Canada's oil-rich province of Alberta, insurers are assessing the damage and subsequent claims that they may face.
Fort McMurray was the worst hit by the blaze, with over 2,400 structures damaged by what analysts have called the biggest insured disaster ever in Canada.
Good news for Lloyd's underwriter
Hiscox though is that it believes its exposure is not overlarge.
"We have some exposure to homes in western Canada, we think it will be manageable," the underwriter's CEO Bronek Masojada told Reuters.
Other carriers may not escape as unscathed - the wildfires may lead to the great catastrophe ever in Canada, with insured losses of as much as C$7 billion according to estimates from National Bank of Canada. Intact Financial Corp., the country’s biggest insurer, may post insured losses of as much as C$1.1 billion from the wildfires.
Masojada was talking to reporters as Hiscox reported a 10 percent rise in gross written premiums during the first quarter.
